Fed Will Keep Interest Rates Near Zero for Two More Years

In the hours before the Federal Reserve was scheduled to release its quarterly economic forecast, markets lifted with news that the bank would leave interest rates near zero through at least 2014. It's not all good news, though. "While indicators point to some further improvement in overall labor market conditions, the unemployment rate remains elevated," the Fed said in a statement. "Household spending has continued to advance, but growth in business fixed investment has slowed, and the housing sector remains depressed." Apple, however, is doing just fine, growth-wise.

Update (3:30 p.m.): As expected, the Fed kept the rate low. "The Fed lowered its forecast for growth this year to 2.2 percent to 2.7 percent, down from a projection of 2.5 percent to 2.9 percent in November," reads a summary of the adjustments at Bloomberg."It predicted the economy next year will expand between 2.8 percent to 3.2 percent, down from a previous forecast of 3.0 percent to 3.5 percent."

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